RITES gains after JV wins project in Bangladesh

RITES rose 1.51% to Rs 305 after the company secured project management consultancy work worth Rs 99.94 crore.

Jan 03, 2020 04:01 IST capital market

In a regulatory filing made after market hours yesterday, the engineering consultancy company announced that the project consists four-laning of national highway in Bangladesh. RITES is a lead partner in the joint venture arrangement and will receive $10.88 million (Rs 77.57 crore) out of the total consultancy fee of $14.01 million (Rs 99.94 crore).

RITES is a public sector enterprise (PSE) and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The governments stake in RITES stood at 87.4% as on 30 September 2019.

The company reported a 116.1% jump in consolidated net profit to Rs 232.58 crore on 68.5% rise in net sales to Rs 746.24 crore in Q2 September 2019 over Q2 September 2018.

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